Today’s energy and equity market action:
- Oil prices dip on Friday, giving back some of this week’s gains.
- Brent and WTI end the week 2% higher.
- WCS and Cdn Light fall over 3% on Friday …
… but also to end the week in the positive. - Gasoline ends the week 2% lower.
- After little movement in July, oil prices end August in the red.
- USD moves up another 1%, hitting fresh multi-year high.
- TSX energy gains 5% w/w, a first since early July
- SPX energy gains 3% w/w, also a first since early July.
Today’s notable energy news:
- US oil rig counts drop another 12, while Canada adds 10.
- Energy patch spending slows to $8B in Q2/2019.
- Enbridge reaches “major milestone” with shippers on L3RP.
- Trans Mountain Corp turns a profit for Cdn taxpayers.
- BHP and Chevron evacuate GoM staff ahead of Hurricane Dorian.
- LNG spot prices flirt with record lows in Asia …
… as more supply comes on line in Australia and USA. - Equinor poised to start 440 kbbl/day Johan Sverdrup in October.
- Russia remains committed to “full compliance” …
… but will likely be above agreed quota in August.
